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PSI Accelerates Growth in First Half of 2010

30.07.2010

New orders increase by 9 % to 93 million Euros - Group sales increase by 18 % to 77.1 million Euros - EBITDA increases by 19 % to 5.8 million Euros

The PSI Group increased its EBITDA by 19 % to 5.8 million Euros (30 June 2009: 4.8 million Euros) and the EBIT by 6 % to 3.7 million Euros (30 June 2009: 3.5 million Euros) for the first six months of 2010. The Group net result was, at 2.2 million Euros, below that of the previous year (31 June 2009: 2.6 million Euros), as a result of the temporary effect of higher deferred taxes. Group sales increased by 18 % to 77.1 million Euros (30 June 2009: 65.3 million Euros). The volume of new orders increased compared to the same period of last year by 9 % to 93 million Euros (30 June 2009: 85 million Euros); the order backlog was, at 114 million Euros 4 % below that of the previous year (30 June 2009: 119 million Euros), but did increase by 9 million Euros compared to 31 March 2010.

The Energy Management segment (electricity, gas, oil, heat) achieved 6 % higher sales totalling 30.4 million Euros (30 June 2009: 28.8 million Euros). The segment’s EBIT was also increased to 3.1 million Euros (30 June 2009: 1.9 million Euros). Important export orders have been attained in Europe and Asia in this segment. For the second half year PSI expects continued high demand in the domestic market for solutions for intelligent network management and additional major export contracts.

Sales in the Production Management segment (raw materials, industry, logistics) for the first six months of this year were, at 32.9 million Euros, 9 % above the level of the previous year (30 June 2009: 30.1 million Euros). The EBIT decreased to 0.4 million Euros (30 June 2009: 1.4 million Euros) and was therefore clearly below expectations. The segment was primarily encumbered by investments in the new PSImining product, one-off expenses in the logistics business in the first quarter and higher write-offs from purchase price allocation. The business unit PSI Metals continued to develop positively despite increased expenditure in non-ferrous metals.

In Infrastructure Management (transportation, security, telecommunications), to which the inControl Tech Group has belonged since 2009, sales more than doubled to 13.8 million Euros (30 June 2009: 6.4 million Euros). The EBIT increased to 0.5 million Euros (30 June 2009: 0.3 million Euros) despite write-offs from purchase price allocations. These included investments in the first half of 2010 in the newly founded Cellls GmbH. Important infrastructure and transportation projects were attained in the first six months of 2010, primarily in Southeast Asia. PSI expects continued high great demand from this region in the upcoming quarters.

With the new acquisitions and targeted recruitment, the number of Group employees increased as of 30 June 2010 to 1,400 (30 June 2009: 1,256).

Since the beginning of the year, PSI has registered a renewed demand for solutions for the energy markets as well as in the increasing of efficiency in heavy industry. In the coming quarter the management expects major contracts in the Gulf region and continued growth stimuli in Germany and Europe through the development of European super grids and the intelligent energy consumption control through smart grids. The first PSI control system with extended functions for a virtual power plant is currently being taken in operation by a German customer.

In view of these circumstances, PSI is affirming the annual target of 160 million Euros in sales and at least 10 million Euros for the EBIT.



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